04602oam 22011054 450 991078840700332120230828235750.01-4623-5182-41-4527-4913-21-283-51586-51-4519-0916-09786613828316(CKB)3360000000443759(EBL)3014503(SSID)ssj0000943263(PQKBManifestationID)11484316(PQKBTitleCode)TC0000943263(PQKBWorkID)10975477(PQKB)11553289(OCoLC)694141189(MiAaPQ)EBC3014503(IMF)WPIEE2006137(EXLCZ)99336000000044375920020129d2006 uf 0engur|n|---|||||txtccrStructural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries /Luc Everaert, Werner SchuleWashington, D.C. :International Monetary Fund,2006.1 online resource (32 p.)IMF Working Papers"June 2006".1-4518-6397-7 ""Contents""; ""I. INTRODUCTION""; ""II. GLOBAL ECONOMIC MODEL""; ""III. SIMULATION RESULTS""; ""IV. CONCLUSIONS""; ""REFERENCES""Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.IMF Working Papers; Working Paper ;No. 2006/137Econometric modelsEuropean Economic Community countriesFiscal policyEuropean Economic Community countriesFinance: GeneralimfLaborimfMacroeconomicsimfDemand and Supply of Labor: GeneralimfLabor Economics PoliciesimfGeneral Financial Markets: General (includes Measurement and Data)imfMacroeconomics: ConsumptionimfSavingimfWealthimfLabor Economics: GeneralimfLabourimfincome economicsimfFinanceimfLabor marketsimfLabor market reformsimfCommodity marketsimfConsumptionimfLabor marketimfManpower policyimfCommodity exchangesimfEconomicsimfLabor economicsimfFranceimfEconometric modelsFiscal policyFinance: GeneralLaborMacroeconomicsDemand and Supply of Labor: GeneralLabor Economics PoliciesGeneral Financial Markets: General (includes Measurement and Data)Macroeconomics: ConsumptionSavingWealthLabor Economics: GeneralLabourincome economicsFinanceLabor marketsLabor market reformsCommodity marketsConsumptionLabor marketManpower policyCommodity exchangesEconomicsLabor economicsEveraert Luc1463684Schule Werner1463962International Monetary Fund.European Dept.DcWaIMFBOOK9910788407003321Structural Reforms in the Euro Area3850041UNINA